TIDMPSL
RNS Number : 0257S
Photonstar LED Group PLC
28 September 2017
28 September 2017
PhotonStar LED Group Plc
Half year results
PhotonStar LED Group Plc (AIM: PSL, "PhotonStar" or "the
Group"), the British designer and manufacturer of smart LED
lighting solutions, announces its half year results for the six
months ending 30 June 2017.
Operational and strategic overview
-- halcyon cloudBMS product and halcyonPRO2(TM) have been
commercially available from 1 April 2017. The new halcyonPRO2(TM)
adds regulation of heating and cooling, shading and power
management to the proven lighting control and environmental sensor
network already in use in the first Halcyon(TM) product;
-- On 27 April 2017, the Group announced customer intent on a
proposed roll out of the halcyonPRO2(TM) and halcyon cloudBMS. As a
result of additional product development work needing to be
undertaken, this has yet to generate additional revenues for the
Group;
-- Hardware sales of halcyonPRO2 are now underway. Progress has
been slower than initially expected on the cloudBMS product
development, meaning revenues on these cloud based services are not
now expected to begin until 2018; and
-- Several new trials for halcyonPRO2(TM) and cloudBMS are
planned in Q4 for organisations with multiple property sites in
healthcare, hospitality and housing associations.
Financial overview
-- Raised GBP0.46m (before expenses) of additional capital from
new and existing shareholders in May 2017 to fund the roll out of
halcyonPRO2(TM) and the Halcyon cloudBMS platform.
-- Revenues for H1 2017 down 11% to GBP2.26m (H1 2016: GBP2.53m)
-- Gross profit margin for H1 2017 was 32% (H1 2016: 33%)
-- Administrative expenses down 24% to GBP1.34m (H1 2016: GBP1.76m)
-- Adjusted EBITDA loss for H1 2017 down to GBP0.23m (H1 2016: loss GBP0.54m)
-- Pre-tax loss for the period of GBP0.60m (H1 2016: loss GBP0.91m)
-- Loss per share of 0.2p (H1 2016: loss per share 0.4p)
-- At 30 June 2017, net debt GBP0.81m (H1 2016: net debt GBP0.68m)
-- H1 2017 Segmental revenue analysis
- Lighting Fixtures revenues down 15% to GBP1.36m (H1 2016:GBP1.59m)
- Contract manufacturing revenues up 16% to GBP0.79m (H1 2016:GBP0.68m)
- Halcyon / Light engines revenues down 58% to GBP0.11m (H1 2016:GBP0.26m)
-- Segmental Adjusted EBITDA analysis
- Lighting Fixtures loss of GBP0.05m (H1 2016: loss GBP0.25m)
- Contract manufacturing breakeven (H1 2016: loss GBP0.05m)
- Halcyon / Light engines loss of GBP0.13m (H1 2016: loss GBP0.10m)
James McKenzie, Chief Executive of PhotonStar, said:
"During H1 2017 steady progress has continued to be made in
transitioning the Group into becoming a retrofit connected lighting
and building management business. We have installed a number of
trials in a variety of sectors, although frustratingly we are yet
to move these trials into the anticipated roll out phase of the
programme. This delay has been caused by the need for a variety of
additional product development work that was identified during the
trial phase.
The traditional lighting business has been placed under
significant pressure with continued competitor price reductions
resulting in a decline in revenues and increased pressure on profit
margins, although overall the group has preserved the Gross Profit
Margin that was achieved in 2016.
Management remain confident about the market potential for the
halcyonPRO2(TM) and its halcyon cloudBMS platform. Progress has
been slower than anticipated on finalising the cloudBMS product to
customer requirements and it is now expected that this will occur
in Q4 2017. However, several new trials for the halcyon cloudBMS
platform are now underway which should result in further roll out
contracts during 2018.
I am very grateful for the continuing support that the Company's
existing shareholders have shown over the last 24 months and look
forward to providing further updates regarding the proposed roll
out of Halcyon(TM) and the halcyon cloudBMS platform as 2017
progresses."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information:
PhotonStar LED Group Plc (www.photonstarled.com) +44 (0)2381 230381
James McKenzie - Group Chief Executive
Northland Capital Partners +44 (0)20 3861 6625
Patrick Claridge/David Hignell/ Jamie Spotswood
(Corporate Finance)
John Howes/Rob Rees (Corporate Broking)
About PhotonStar LED Group Plc
PhotonStar LED Group Plc is a leading British designer and
manufacturer of intelligent lighting and building control
solutions. The Group's proprietary technology Halcyon(TM) is a
scalable, secure wireless IoT platform for retrofit into commercial
buildings, for energy reduction, asset monitoring & control,
and real time environmental, behavioural and energy insights.
PhotonStar is based in Romsey, Hampshire with a manufacturing
facility in Wales.
Overview
During the period under review the Group has been concentrating
upon the successful delivery of the Halcyon(TM) product range to
customers for specified one off projects and for the completion of
a number of paid for trials in such a way that they lead to orders
for the roll out of a clearly specified product across the
customers' property estate. These paid for trials have created
significant interest in the Halcyon(TM) and the halcyon cloudBMS
platform products and we have been repeatedly informed that these
are industry leaders in terms of its ability to provide remote
monitoring of a very wide variety of property related issues and
the cost effectiveness of the product. There have been delays to
the intended roll out of the product across a number of customers'
estates because of the need to generate a detailed specification of
work and because there have been various upgrades and changes to
Halcyon(TM) that we have needed to undertake as a result of the
knowledge gained from the trials.
Whilst there have been delays to what we previously expected in
terms of the larger roll outs we have continued to find significant
interest in Halcyon(TM) which has resulted in further paid for
trials and which are planned for installation since the period end.
In addition, we have recruited additional people who have now
completed their training for Halcyon(TM) and who will be
responsible for the specification and installation of the
Halcyon(TM) system. We therefore believe that whilst the delay to
large installations is disappointing we are now well positioned to
achieve the successful delivery of Halcyon(TM) . The customer
feedback is highly collaborative and continues to be very positive
about Halcyon(TM) and the benefits that it will provide.
PhotonStar therefore remains heavily focused on achieving
successful large scale installations of the Halcyon(TM) product
range and to use this range to transition itself into a Group that
increasingly focuses on being a retrofit connected lighting and
building management business, which offers the potential to address
a broad range of significant future business opportunities and
markets.
The Group's proprietary technology Halcyon(TM) is a scalable,
secure wireless IoT platform for retrofit into commercial
buildings, for energy reduction, asset monitoring & control,
and real time environmental, behavioural and energy insights. The
ability of the system to gather and report real time data has
created significant interest from a wide range of industry sectors
which regard this ability as a key part of their future needs
requirements.
The Board is pleased with the on-going collaboration with IBM
and anticipates that this will lead to some further project work
within IBM premises and also as a result of the steady flow of
introductions by IBM to a variety of potential customers where IBM
have identified a customer requirement for cloudBMS(TM) . This
started at the beginning of the year with the test installation at
IBM's Hursley House offices, then developed into a demonstration of
the Halcyon(TM) intelligent wireless lighting system operating with
the IBM Watson IoT Cloud platform to IBM clients and partners at
IBM's Global Watson IoT Headquarters in Munich, Germany and also
attendance by PhotonStar at the IBM Interconnect Conference in 2016
and 2017
The initial development of Halcyon(TM) is now largely complete
as announced in early 2017 with current and future development work
concentrating on improvements to Halcyon(TM) which have been
identified as a result of the various trials that are in place and
the expansion of cloud services.
We have also been working to ensure that our more traditional
businesses are changed in order to reflect the ever increasing
competitiveness of the markets that they operate in. This has meant
that during the period under review we have cut a significant
amount of overheads out of the business and have concentrated our
efforts on the specification and high quality sectors of the market
where the PhotonStar product range and knowledge provide us with
more opportunity, for example in colour-tune human centric lighting
system products. There is no doubt that the traditional lighting
markets have continued to be highly competitive with constant
downward pressure on prices. In addition the recent increased
volatility of exchange rates has meant that our costs of imported
goods have become harder to forecast.
Business review
PhotonStar Technology Ltd -Halcyon IoT and LED light engines
("PST")
Focused on retrofitting existing buildings with lighting,
environmental monitoring and cloud based building management
services
During the period under review we continued to install
Halcyon(TM) into a number of sites in a variety of different
industry sectors but with a focus on health care. Many of the
trials that we have now installed are part of significant property
portfolios and management's expectation is that these trials will
provide compelling information and confirmation of the benefits of
installing the Halcyon(TM) system. Due to the fact that Halcyon(TM)
has been designed as a retrofit system, the payback on installation
costs for the customer are usually less than 12 months. This
affordability of the system provides additional confidence to
management that the results of the trials will help convince
customers that a full scale roll out is both desirable and
affordable.
The new halcyonPRO2(TM) announced in Q1 2017 is an extended
version of the original Halcyon(TM) system and adds the regulation
of heating and cooling, shading and power management to the proven
lighting control and environmental sensor network already in use in
the first Halcyon(TM) product. cloudBMS(TM) , halcyonPRO2(TM) and
cloud based analytics combine to deliver an extremely capable,
scalable and secure building management as a service at a price
point and low entry cost that enables owners of small to medium
sized businesses to reduce energy and operating costs and realise
new insights into their operations.
The combination of the retrofittable hardware and sensor inputs,
cloud analytics, visualisation and the connectivity options to
asset management software will lower operating expenses for owners
of multiple facilities by reducing manual compliance tests, manual
monitoring and inspection of assets, and enable smart predictive
and preventative maintenance.
The Board anticipates that PST's future revenue streams will be
driven by a combination of hardware sales and services in lighting,
heating, cooling, ventilation and critical asset monitoring.
Management anticipate that as the systems are installed the service
revenue component will strengthen the Group's gross margin.
Several new trials are planned for Q4 in healthcare, hospitality
and housing associations. We also hope to have moved a number of
existing trials into the roll out phase by this time.
PhotonStar LED Ltd - LED fixtures business
LED lighting focused on the new build market
During the period under review LED Lighting Fixtures revenues
fell by 14% to GBP1.36m (H1 2016:GBP1.59m) with losses reducing to
GBP0.05m (H1 2016: loss GBP0.25m).
The lighting market continues to transition towards LED
lighting, with colour-tuneable and Circadian LED lighting becoming
a significant subsector. The company has a revised line up of
products focused in this area and is seeing strong interest in
these products.
House builder sales exceeded forecast in H1 2017. The Group
continues to benefit from an exclusive contract with a leading UK
house builder, initially announced in September 2012.
Camtronics Vale Ltd
External customer contract electronics manufacturing
business
Camtronics Vale Limited, a subsidiary of the Company, undertakes
critical LED and electronic assembly operations for the Group's
manufacture of its lighting fixtures. Camtronics Vale also
contracts electronics manufacturing for some third party
customers.
Contract manufacturing revenues were up 16% to GBP0.79m (H1
2016: GBP0.68m) with the company breaking even in H1 2017. We have
reduced the cost base of this company and increased our sales
effort so that the revenues are now growing again and we expect
will be back to the historic levels in 2018. This growth in
revenues and reduction in costs means that we expect that this
company will make a positive contribution to the Group's revenues
in the second half of 2017 and beyond.
Financial review
The Group is making progress in transitioning from its
traditional LED product markets into becoming a retrofit connected
lighting and building management business. Meanwhile, focus
continues on maximizing its traditional revenues and maintaining
its margins, and investing in the enhancement of its Halcyon(TM)
product range and its building management services.
The Group's half year revenues decreased by 11% to GBP2.26m (H1
2016: GBP2.53m) with a gross profit margin of 32% (H1 2016:
33%).
Administrative expenses decreased by a further GBP0.42m to
GBP1.34m (H1 2016: GBP1.76m), due to downsizing in 2014, 2015 and
2016, and continuing tight control on costs (whilst maintaining the
substantial investment in R&D and product development).
Adjusted EBITDA (adjusted for share based payments) loss was
down to GBP0.23m (H1 2016: loss GBP0.54m).
The Group reported a pre-tax loss of GBP0.60m (H1 2016: loss
GBP0.91m) and loss per share for the half year was 0.2p (H1 2016:
loss per share 0.4p). The Group's unused aggregate tax losses are
approximately GBP10m.
Group net borrowings debt at 30 June 2017 was GBP0.81m (H1 2016:
GBP0.68m).
Group capital expenditure was GBP0.27m (H1 2016: GBP0.59m)
relating to the continuing investment in product development and
the patent portfolio, in particular the development of the
Halcyon(TM) lighting systems.
Current Trading and Outlook
The research and development work that we have undertaken over
the last three years for the creation of Halcyon(TM) and
halcyonPRO2(TM) is now largely complete with current and future
development work concentrating on improvements, new, customer led,
solutions and markets for Halcyon(TM) .
Trading continues to be difficult in the traditional LED fixture
market. However, further revenue improvement in all business units
is being seen in the current period of Q3 2017 and we currently
expect the second half of 2017 to provide a positive contribution
to the results for the full year.
The Group has targeted Halcyon(TM) sales and marketing efforts
into the retrofit market and we continue to see good growth in this
market. This combined with the fact that our development work for
this industry leading product is now largely complete means that
the Board views the future with increased optimism.
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2017
6 Months 6 Months Year
Ended Ended Ended
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Revenue 2 2,259 2,532 5,319
Cost of Sales (1,528) (1,696) (3,555)
Gross Profit 731 836 1,764
Administrative Expenses (1,340) (1,762) (3,263)
Other Income 31 35 116
---------- ---------- ------------
Operating Loss (578) (891) (1,383)
Financial Expense (26) (23) (50)
---------- ---------- ------------
Loss Before Income Tax (604) (914) (1,433)
Taxation Credit 3 119 130 266
---------- ---------- ------------
Loss and total comprehensive income
for the period attributable to the
Equity Shareholders of the Parent (485) (784) (1,167))
---------- ---------- ------------
Loss per share
Basic and diluted 4 (0.2)p (0.4)p (0.6)p
---------- ---------- ------------
Consolidated Statement of Financial Position
as at 30 June 2017
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-Current Assets
Property, Plant & Equipment 389 435 394
Intangible Assets 1,843 1,848 1,898
Total Non-Current Assets 2,232 2,283 2,292
---------- ---------- ------------
Current Assets
Inventories 685 956 774
Trade & Other Receivables 1,131 1,139 1,039
Current Tax Assets 312 311 160
Cash & Cash Equivalents 95 247 225
---------- ---------- ------------
Total Current Assets 2,223 2,653 2,198
---------- ---------- ------------
Total Assets 4,455 4,936 4,490
---------- ---------- ------------
Equity
Ordinary Share Capital 2,252 1,877 1,879
Share premium 7,828 7,773 7,776
Share capital reduction reserve 10,081 10,081 10,081
Share option reserve 665 617 641
Reverse acquisition reserve (8,843) (8,843) (8,843)
Profit and Loss (9,832) (8,964) (9,347)
Equity 2,151 2,541 2,187
---------- ---------- ------------
Liabilities
Current Liabilities
Trade & Other Payables 1,340 1,416 1,413
Borrowings 908 930 831
Provisions 41 34 44
Total Current Liabilities 2,289 2,380 2,288
---------- ---------- ------------
Non-Current Liabilities
Deferred Tax Liabilities 15 15 15
Total Liabilities 2,304 2,395 2,303
---------- ---------- ------------
Total Equity and Liabilities 4,455 4,936 4,490
---------- ---------- ------------
Consolidated Statement of Cash Flows
For the six months ended 30 June 2017
6 Months 6 Months Year
Ended Ended Ended
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash Flows from Operating Activities
Operating Loss (578) (891) (1,433)
Depreciation 39 49 94
Amortisation 285 278 546
Share Option Charge 25 18 42
Movement in Provisions 3 (2) 8
Grant Income (31) (35) (62)
Receipt of grants - 25 24
Profit on Sale of Plant, Property &
Equipment (15) - (53)
Profit on Sale of Patents (50) - -
Change in Inventories 89 (82) 100
Change in Trade & Other Receivables (92) 498 598
Change in Trade & Other Payables (74) (169) (144)
------------------------- ---------------- ------------------
Cash Generated from/(Used in) Operations (399) (311) (280)
Interest Paid (26) (23) -
Tax Received - 179 466
Net Cash Generated from/(Used in) Operating
Activities (425) (155) 186
------------------------- ---------------- ------------------
Cash Flows From Investing Activities
Proceeds on disposal of Plant, Property
& Equipment 10 - 53
Proceeds on disposal of Patents 50 - -
Purchase of Property, Plant and Equipment (9) (270) (274)
Purchase of Intangible Assets (258) (315) (633)
Net Cash Used in Investing Activities (207) (585) (854)
------------------------- ---------------- ------------------
Cash Flows from Financing Activities
Proceeds from the issue of ordinary shares 425 902 907
Increase/(Decrease) in borrowings 77 (112) (211)
Net Cash Generated from Financing Activities 502 790 696
------------------------- ---------------- ------------------
Net (Decrease)/Increase in Cash and Cash
Equivalents (130) 50 28
Cash and Cash Equivalents at the Start
of the Period 225 197 197
Cash and Cash Equivalents at the End
of the Period 95 247 225
------------------------- ---------------- ------------------
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2017 (unaudited)
Share
Ordinary capital Share Reverse
Share Share reduction Option Acquisition Retained
Capital Premium reserve Reserve Reserve Losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2017 1,879 7,776 10,081 641 (8,843) (9,347) 2,187
Issue of New Shares 373 52 - - - - 425
Share Option Charge - - - 24 - - 24
Comprehensive Loss
for
the Period - - - - - (485) (485)
At 30 June 2017 2,252 7,828 10,081 665 (8,843) (9,832) 2,151
--------- --------- ---------- -------- ------------ --------- --------
For the six months ended 30 June 2016 (unaudited)
Share
Ordinary capital Share Reverse
Share Share reduction Option Acquisition Retained
Capital Premium Reserve Reserve Reserve Losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2016 1,477 7,271 10,081 599 (8,843) (8,180) 2,405
Issue of New Shares 400 502 - - - - 902
Share Option Charge - - - 18 - - 18
Comprehensive Loss for
the Period - - - - - (784) (784)
At 30 June 2016 1,877 7,773 10,081 617 (8,843) (8,964) 2,541
--------- -------- ---------- -------- ------------ --------- --------
For the year ended 31 December 2016 (audited)
Share
Ordinary capital Share Reverse
Share Share reduction Option Acquisition Retained
Capital Premium Reserve Reserve Reserve Losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January
2016 1,477 7,271 10,081 599 (8,843) (8,180) 2,405
Issue of new
shares 402 505 - - - - 907
Share Option
Charge - - - 42 - - 42
Comprehensive
Loss for
the Period - - - - - (1,167) (1,167)
At 31 December
2016 1,879 7,776 10,081 641 (8,843) (9,347) 2,187
--------- -------- -------------- -------- ---------------------- -------- --------
Notes to the financial statements
For the six months ended 30 June 2017 (unaudited)
1. Basis of preparation
These interim financial statements have been prepared in
accordance with IAS 34 - Interim Financial Reporting using the
recognition and measurement principles of International Accounting
Standards, International Financial Reporting Standards and
Interpretations adopted for use in the European Union (collectively
"Adopted IFRS").
The principal accounting policies used in preparing these
interim financial statements are those expected to apply to the
Group's Consolidated Financial Statements for the year ending 31
December 2017 and are unchanged from those disclosed in the Group's
Annual Report for the year ended 31 December 2016.
The financial information for the six months ended 30 June 2017
and 30 June 2016 is unaudited and does not constitute statutory
financial statements for those periods.
The comparative financial information for the year ended 31
December 2016 is not statutory accounts within the meaning of s434
of the Companies Act 2006 but has been derived from the audited
statutory financial statements for that year. The statutory
accounts for the year ended 31 December 2016 have been reported on
by the Company's auditor, delivered to the Registrar of Companies
and have been sent to the shareholders.
The Auditor's opinion on the Group's statutory financial
statements for the year ended 31 December 2016 included the
following:
Opinion on financial statements
In our opinion:
-- the financial statements give a true and fair view of the
state of the Group's and the Parent Company's affairs as at 31
December 2016 and of the Group's loss for the year then ended;
-- the group financial statements have been properly prepared in
accordance with IFRSs as adopted by the European Union;
-- the Parent Company financial statements have been properly
prepared in accordance with IFRSs as adopted by the European Union
and as applied in accordance with the provisions of the Companies
Act 2006; and
-- the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006.
Emphasis of matter - going concern
In forming our opinion on the financial statements, which is not
modified, we have considered the adequacy of the disclosure made in
note 2.2 to the financial statements concerning the directors'
assessment of the ability of the Company and the Group to continue
as going concerns. These conditions indicate the existence of a
material uncertainty which may cast significant doubt about the
ability of the Company and the Group to continue as going concerns.
The financial statements do not include the adjustments that would
result if the Group and the Company were unable to continue as
going concerns.
The directors' disclosures made in note 2.2 to the financial
statements remain valid and are reproduced in full below:
"The directors have adopted the going concern basis in preparing
the financial statements for the year to 31 December 2016. In
reaching this conclusion, the directors have considered for both
the Company and the Group, current trading and the current and
projected funding position for the period of just over 12 months
from the date of approval of the financial statements through to 31
May 2018.
Current Funding
The Group's cash balance at 31 December 2016 was GBP225,000 and
the drawdown of borrowings was GBP831,000 (2015: GBP1,041,000)
against bank facilities at that date of GBP1,790,000. Since then
the Group has continued to execute its business plan by:
-- investing in the continuing growth of its Lighting fixtures
business and the development of new product ranges;
-- continued further investment in expanding its Halcyon(TM) range: and
-- continued transformation of the Group into a retrofit
connected lighting and building management business through its
Halcyon(TM) and cloudBMS platforms.
In order to progress these plans, after the year end, in May
2017 new shares were issued in the Company for a consideration of
GBP465,000.
Projected Funding
Subject to the continued growth in Halcyon(TM) sales, the cash
flow projections show that the Group can continue to operate for a
period of 12 months from the date the financial statements were
signed.
The achievement of these projections is subject to uncertainties
described below.
The projections include assumptions on the amount and timing of
revenue and gross margin that the Group expects to achieve during
the period of the projections. These assumptions are subject to
both market and other uncertainties, as discussed in the Chief
Executive Officer's Statement and the Strategic Report. In
particular, the forecasts include assumptions about the sales of
the Group's Halcyon(TM) product range. This is a relatively new
product range and therefore there is more uncertainty inherent in
forecasting the timing and quantum of sales since there is not yet
a mature market for this product range.
The Group has incurred a net loss of GBP1,167,000 in the year
(2015: GBP2,767,000) and has been loss making since incorporation.
The projections reflect the directors' expectation that the Group
will be monthly adjusted EBITDA (as calculated in Note 5) positive
in 2017. To the extent there is a shortfall in revenue and/or gross
margin, it is likely to be at least partially offset by a reduction
in working capital requirements. Nevertheless, the ability of the
Company and the Group to continue as going concerns is dependent on
the ability of the Group to achieve the growth in sales of its
products projected by the directors in their current forecasts
which in turn depends on the Group being able to exploit the market
for the new product range. Growth needs to be sufficient for the
Company and the Group to be able to operate within their cash
resource and borrowing facilities.
Conclusion
It is acknowledged that the achievement of these projections is
subject to market and other uncertainties as outlined above and
consequently there is a material uncertainty which may cast
significant doubt about the Group's and Company's ability to
continue as going concerns. Nevertheless, after taking account of
the Group's current funding position, its cash flow projections and
the risks and uncertainties associated with these, the directors
have a reasonable expectation that the Group and Company have
access to adequate resources to continue in operational existence
for the foreseeable future. For these reasons they continue to
prepare the financial statements on a going concern basis. These
financial statements do not include any adjustments that would
result from the going concern basis of preparation being
inappropriate.
2. Segmental Information
Halcyon
Six Months Ended 30 June 2017 (unaudited) LED Lighting & Light Contract Total
Fixtures Engines Manufacturing
GBP'000 GBP'000 GBP'000 GBP'000
Revenue;
UK 1,204 109 777 2,090
Rest of World 157 - 12 169
------------------------------------------- ------------- --------- -------------- ----------
Total Revenue 1,361 109 789 2,259
------------------------------------------- ------------- --------- -------------- ----------
Adjusted EBITDA for reportable segments (52) (130) 0 (182)
Depreciation and Amortisation (71) (231) (22) (324)
Interest Expense (12) (1) (14) (26)
Taxation Credit 10 109 - 119
Total Assets 1,195 1,961 938 4,094
Total Liabilities 544 295 424 1,263
LED Halcyon
Six Months Ended 30 June 2016 (unaudited) Light & Light Contract Total
Fixtures Engines Manufacturing
GBP'000 GBP'000 GBP'000 GBP'000
Revenue
UK 1,495 263 600 2,358
Rest of World 97 - 77 174
------------------------------------------- ------------- --------- -------------- --------
Total Revenue 1,592 263 677 2,532
------------------------------------------- ------------- --------- -------------- --------
Adjusted EBITDA for reportable segments (252) (95) (49) (396)
Depreciation and Amortisation (129) (173) (25) (327)
Interest Expense (8) - (15) (23)
Taxation Credit 35 95 - 130
Total Assets 1,736 1,891 802 4,429
Total Liabilities 684 277 408 1,369
Halcyon
Year Ended 31 December 2016 (audited) LED Light & Light Contract Total
Fixtures Engines Manufacturing
GBP'000 GBP'000 GBP'000 GBP'000
Revenue;
UK 2,819 585 1,659 5,063
Rest of World 256 - - 256
--------------------------------------- ---------- --------- -------------- --------
Total Revenue 3,075 585 1,659 5,319
--------------------------------------- ---------- --------- -------------- --------
Adjusted EBITDA for reportable
segments (111) (353) (27) (491)
Depreciation and Amortisation (214) (377) (49) (640)
Interest Expense (20) (1) (29) (50)
Taxation Credit 70 196 - 266
Total Assets 1,243 1,916 895 4,054
Total Liabilities 616 364 396 1,376
Adjusted EBITDA for reportable segments is defined as EBITDA
before Share Option Charge and Corporate Expense allocation.
Reconciliation of Adjusted EBITDA
to Loss Before Tax 6 Months 6 Months Year
Ended Ended Ended
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Adjusted EBITDA for Reportable Segments (182) (396) (491)
Corporate Expense (47) (150) (210)
---------- ---------- --------------------
Adjusted EBITDA (229) (546) (701)
Share Option Charge (25) (18) (42)
Depreciation and Amortisation (324) (327) (640)
Interest Expense (26) (23) (50)
Loss before Tax (604) (914) (1,433)
---------- ---------- --------------------
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Segment Assets for Reportable Segments 4,094 4,429 4,054
Unallocated:
Cash at Bank 95 247 225
Other 266 260 211
Total Assets per the Statement of
Financial Position 4,455 4,936 4,490
---------- ---------- --------------------
Reconciliation of Reportable Segment Liabilities to
Total Liabilities
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Segment Liabilities for Reportable
Segments 1,263 1,369 1,376
Unallocated:
Borrowings 908 930 831
Other 133 96 96
Total Liabilities per the Statement
of Financial Position 2,304 2,395 2,303
---------- ---------- --------------------
3. Income Tax Credit
The income tax credit of GBP119,000 for the six months ended 30
June 2017, (6 months ended 30 June 2016: GBP130,000; year ended 31
December 2016: GBP266,000) represents estimated research and
development tax credit receivable for that period. Excluding these
matters, the effective tax rate for the Group for the year ended 31
December 2017 is expected to be zero, reflecting the availability
of estimated brought forward tax losses at 31 December 2016 of
about GBP9.9m.
4. Earnings per share
6 months 6 months Year
ended ended ended
30 June 2017 30 June 2016 31 December 2016
Loss attributable to ordinary shareholders GBP(485,000) GBP(784,000) GBP(1,167,000)
Weighted average number of ordinary
shares 198,645,512 184,042,465 187,958,220
(0.2p) (0.4p) (0.6p)
Diluted earnings per share is calculated by dividing the profit
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding after adjusting these amounts
for the effects of dilutive potential ordinary shares.
As the results for the six months ended 30 June 2017 and 30 June
2016 and for the year ended 31 December 2016 are losses, any
exercise of share options would have an anti-dilutive effect on
earnings per share. Consequently earnings per share and diluted
earnings per share are the same as potentially dilutive share
options have been excluded from the calculation.
5. Copies of Interim Report
Copies of this interim report are available upon request to
members of the public from the Company's registered office, Unit 8
Westlink, Belbins Business Park, Cupernham Lane, Romsey, Hampshire
SO51 7JF. This interim report can also be viewed on the Group's
website: www.photonstarled.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MMGZLNNGGNZM
(END) Dow Jones Newswires
September 28, 2017 02:00 ET (06:00 GMT)
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